What do you expect from Lottery sites?

10xBTCLotto

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Quote from: btcscriptpremium on July 29, 2015, 07:41:03 PM

I agree with many other posters. Many bitcoin lotteries on here are very small, like 0.1 btc or 1 btc, or even 10 btc is way too small. If there was 1 HUGE lottery with like 10 thousand or 100 thousand dollars worth, it would be much more worth to join/play in. I don't want to put in 3 dollars and have a chance to win 30 dollars, if I can do that, I will just use dice.
So I would expect that you would have lots of advertising and funds, before its worth for anyone to play in a lottery.

There are few lottery sites that offer big prizes ranging from 80 to 120+ BTCs, what about those?

btcscriptpremium

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I agree with many other posters. Many bitcoin lotteries on here are very small, like 0.1 btc or 1 btc, or even 10 btc is way too small. If there was 1 HUGE lottery with like 10 thousand or 100 thousand dollars worth, it would be much more worth to join/play in. I don't want to put in 3 dollars and have a chance to win 30 dollars, if I can do that, I will just use dice.
So I would expect that you would have lots of advertising and funds, before its worth for anyone to play in a lottery.

Kazimir

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Quote from: 10xBTCLotto on July 29, 2015, 04:45:18 PM

Should the prize be paid only in BTC?, what about LTC or DOGE?

Only BTC. Altcoins only cause distraction and confusion by the general public. Let's get Bitcoin big first, and only then will people be ready to grasp the fact there can be multiple cryptocurrencies simultaneously.

PM Poker

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Quote from: ajareselde on July 29, 2015, 06:06:37 PM

Quote from: PM Poker on July 28, 2015, 08:40:29 PM

Quote from: ajareselde on July 28, 2015, 06:17:35 PM

You are talking about a bitcoin lottery, so i'll just say that it's virtually impossible to operate (for now) such a service.
You would have to have insane high jackpot to make people to participate, but what would stop you or whoever is managing it from rigging the results or running away if jackpot is won ?

I don't see this happening, but here is when i would join :

- Jackpot would have to be at the least 100 000 USD in bitcoin equivalent
- The system would have to be provably fair
- There would have to be some sort of security that would disable the owner from running away with funds, and/or not paying out the reward.
- Proof of funds

cheers

That is what Quinto BTC Lottery is starting in October.

Jackpot estimated at 1,500,000 mBTC ($500,000 USD) guaranteed by Lloyds of London.
Ticket price will be 1 mBTC, and should be available on mobile and web-based.

First drawing is set for Sept 30, 2015, and is 100% Provably Fair

Thanks for this. I was hoping someone would make it possible to create a bitcoin lottery on such a large scale.
I will look into it further, and if everything is in order, will definetlly participate in it. In what way do they guarantee that it's provably fair tho?

cheers

At the time of the drawing we send 80% of all wagers to our cold wallet, the txn_id of that transfer is used to determine the actual outcome. The formula we use is current shown within our software, but will be posted on the site, so everyone can validate the outcome. Proof that the outcome is 100% random was one of the requirements we had to fulfill.

ajareselde

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Quote from: PM Poker on July 28, 2015, 08:40:29 PM

Quote from: ajareselde on July 28, 2015, 06:17:35 PM

You are talking about a bitcoin lottery, so i'll just say that it's virtually impossible to operate (for now) such a service.
You would have to have insane high jackpot to make people to participate, but what would stop you or whoever is managing it from rigging the results or running away if jackpot is won ?

I don't see this happening, but here is when i would join :

- Jackpot would have to be at the least 100 000 USD in bitcoin equivalent
- The system would have to be provably fair
- There would have to be some sort of security that would disable the owner from running away with funds, and/or not paying out the reward.
- Proof of funds

cheers

That is what Quinto BTC Lottery is starting in October.

Jackpot estimated at 1,500,000 mBTC ($500,000 USD) guaranteed by Lloyds of London.
Ticket price will be 1 mBTC, and should be available on mobile and web-based.

First drawing is set for Sept 30, 2015, and is 100% Provably Fair

Thanks for this. I was hoping someone would make it possible to create a bitcoin lottery on such a large scale.
I will look into it further, and if everything is in order, will definetlly participate in it. In what way do they guarantee that it's provably fair tho?

cheers

10xBTCLotto

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10XBTC.com: The Easiest BTC Lottery!

Should the prize be paid only in BTC?, what about LTC or DOGE?

bojan92

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The lottery ticket price should be a small amount. but you can have a lot of player, so the amount would be eye catching for the players. The draws can be made when the criteria is fulfilled.
I love lottery games, they provide such a great deal of fun, especially when you are winning Tongue

10xBTCLotto

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10XBTC.com: The Easiest BTC Lottery!

How Lloyds of London is going to insure BTCs?

It seems to me that provably fair is less secure and more complicated than public TRN, like those lotteries that run on the last numbers or whole numbers from public state lotteries

Nrcewker

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wish it was not a scam.

PM Poker

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Quote from: ajareselde on July 28, 2015, 06:17:35 PM

You are talking about a bitcoin lottery, so i'll just say that it's virtually impossible to operate (for now) such a service.
You would have to have insane high jackpot to make people to participate, but what would stop you or whoever is managing it from rigging the results or running away if jackpot is won ?

I don't see this happening, but here is when i would join :

- Jackpot would have to be at the least 100 000 USD in bitcoin equivalent
- The system would have to be provably fair
- There would have to be some sort of security that would disable the owner from running away with funds, and/or not paying out the reward.
- Proof of funds

cheers

That is what Quinto BTC Lottery is starting in October.

Jackpot estimated at 1,500,000 mBTC ($500,000 USD) guaranteed by Lloyds of London.
Ticket price will be 1 mBTC, and should be available on mobile and web-based.

First drawing is set for Sept 30, 2015, and is 100% Provably Fair

ajareselde

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Satoshi is rolling in his grave. #bitcoin

You are talking about a bitcoin lottery, so i'll just say that it's virtually impossible to operate (for now) such a service.
You would have to have insane high jackpot to make people to participate, but what would stop you or whoever is managing it from rigging the results or running away if jackpot is won ?

I don't see this happening, but here is when i would join :

- Jackpot would have to be at the least 100 000 USD in bitcoin equivalent
- The system would have to be provably fair
- There would have to be some sort of security that would disable the owner from running away with funds, and/or not paying out the reward.
- Proof of funds

cheers

10xBTCLotto

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10XBTC.com: The Easiest BTC Lottery!

Quote from: huctalk on July 28, 2015, 05:06:58 PM

I would want a really big jackpot. Anything less than 100,000x the cost of ticket just is not worth it. I can go play dice instead.

Like if the ticket costs 0.001 BTC the jackpot will be 100 BTC?

huctalk

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I would want a really big jackpot. Anything less than 100,000x the cost of ticket just is not worth it. I can go play dice instead.

10xBTCLotto

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What will be a good jackpot for you?

Kakmakr

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The whole site do not need to be Open source, only the lottery generator. I like the way Bustabit or the old MoneyPot game are doing it. They have a transparent process to determine the fairness of the result of every game. They post this in public for scrutiny and testing, and everyone is happy and the site runs 100% without people judging it's fairness.

Every draw should be in real time, and instant like these Bustabit games. < https://www.bustabit.com/ >

The "engine" is posted in public, here : https://github.com/moneypot/bustabit-gameserver/blob/master/server/lib.js#L146-L158

Kazimir

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Quote from: 10xBTCLotto on July 26, 2015, 09:18:23 AM

Lottery can be simple or really complicated, the question is: How the perfect lottery site should be for you in terms of GUI, prize(s) amount, odds, ticket price, support, draw time, trustworthiness etc.?

Can you prove 100% that you are not anonymously playing with an account of your own in the lottery, and that you 'accidentally' win the jackpot? So you can claim you're paying out the jackpot, but to an address that's secretly your own.

If you cannot prove this doesn't happen, it's gonna be no better than the rigged national fiat lotteries.

Open source doesn't help either. Even if we can review your source codes, we still have no way of being sure that the version are you actually running, is exactly 100% the same as the source code you show (and not, say, secretly initializing your random generator with a fixed seed value so you can predict the result).

10xBTCLotto

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Quote from: ?? on ??

The most important things are provably fair & big jackpot

I don't care much about draw time, but it could better every day / week (announce at weekend)

Personally, if there are lottery sites which accept bitcoin, it'd better if we don't have to sign up

What is a big jackpot for you?

10xBTCLotto

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10XBTC.com: The Easiest BTC Lottery!

Quote from: Za1n on July 26, 2015, 02:53:56 PM

Quote from: 10xBTCLotto on July 26, 2015, 02:38:09 PM

What about draw times? what is better? 1 week, 1 day, 1/hour?

I would think a site would have the most success with several formats. Not so many it becomes confusing, but you could start out with each of the ones you listed; hourly, daily, weekly.

Hourly could be smaller pots and payouts, you would probably have to tweak it depending on number of entrants. The daily and weekly could be larger, even if the entry fee is the same or smaller than the hourly as you would have a longer period of time to acquire entry fees, or get more participants.

So maybe say a 0.001 bet would payout 100/1 hour or 0.1 BTC, 1000/1 daily or 1 BTC, and 10,000/1 weekly or 10 BTC. This would be of course assuming you can get enough tickets sold to cover your payouts. I would think this would require a lot of tweaking until you had a stable player base you could make more accurate predictions with.

Interesting ideas!

IanQuinn

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Quote from: Kakmakr on July 27, 2015, 08:41:56 AM

The Lottery system must be 100% open source, and logs must be kept of all draws. It must be fully transparent and instant. The information {input data} must be available to everyone, to check if their lottery tickets was entered into the draw. Some sites hide this data, and create shill accounts, and then configure the draw to enable them to channel the winnings back to them.

All information must be public. The software must be Open source to determine if it can be rigged. This software must also have a verifiable version check built into it, to verify if the software being published are the same as the software being used to run the Lottery.

There are so many loopholes to f#$% people over with a lottery, it's not even funny. It's no wonder people do not want to participate in it anymore.

Live instant draws are not a option, it must be a de facto standard, and it must be tested to be provably fair. Too many sites say , but they are far from it. It's just a popular label, being swapped around like a cheap second hand car.

A lottery does not need to be open source, otherwise everyone would start coping your code and site.

I agree with Kakmakr about Provably Fair being used unjustly.

10xBTC:

Your web design seems nice (wondering if it HTML5 or something else?).

You failed miserably at understanding your customer. Your extreme lack of understand the statistical mathematics of a lottery is abundantly apparent.

Kakmakr

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The Lottery system must be 100% open source, and logs must be kept of all draws. It must be fully transparent and instant. The information {input data} must be available to everyone, to check if their lottery tickets was entered into the draw. Some sites hide this data, and create shill accounts, and then configure the draw to enable them to channel the winnings back to them.

All information must be public. The software must be Open source to determine if it can be rigged. This software must also have a verifiable version check built into it, to verify if the software being published are the same as the software being used to run the Lottery.

There are so many loopholes to f#$% people over with a lottery, it's not even funny. It's no wonder people do not want to participate in it anymore.

Live instant draws are not a option, it must be a de facto standard, and it must be tested to be provably fair. Too many sites say , but they are far from it. It's just a popular label, being swapped around like a cheap second hand car.

Topic: What do you expect from Lottery sites? (Read 1481 times)